Sept. 29 Deadline for Amending 2018, 2019 Partnership Returns to Reflect Cares Act
Reminder: September 29, 2020 is the deadline for partnerships that are subject to the Bipartisan Budget Act of 2015 (BBA)’s …
IRS to Send Letter to Non-Tax Filers Reminding Them to Register for EIPs
In an Information Release, the IRS has said that it will be sending letters later this month to roughly 9 …
Projected 2021 Inflation-Adjusted Tax Brackets and Other Key Figures
The income tax brackets, standard deduction amounts, and many other tax items are adjusted annually for cost-of-living increases. These adjustments …
COVID-19 Testing and Diagnostic Services Not Minimum Essential Coverage
In a Notice, the IRS has determined that Medicaid coverage limited to COVID-19 testing and diagnostic services is not minimum …
IRS Revises Applicability Date of Business Interest Expense Deduction Limitation Final REGs
The IRS has filed Code Sec. 163(j) business interest expense deduction limitation final regs that revise a previous-released version of the …
Base Erosion and Anti-Abuse Tax Final REGs Address Aggregate Groups, Other Issues
The IRS has issued final regs that provide guidance under Code Sec. 59A regarding the base erosion and anti-abuse tax …
IRS Issues Payroll Tax Deferral Guidance
In a Notice, the IRS has provided guidance to employers regarding the recent presidential directive to allow employers to defer …
Tax Court: Processed Seismic Data Not Qualified Production Property
The Tax Court has held that processed seismic data was neither tangible personal property nor a sound recording. Therefore, it …
Final REGs Address Foreign Corporation DRD and Exception to Subpart F Income Rules
The IRS has issued final regs under Code Sec. 245A that limit the deduction for certain dividends received from foreign corporations. The …
2021 Increases to Certain Employee Plan Ruling User Fees
Announcement 2020-14 In an Announcement, IRS has announced increases to user fees relating to certain requests for letter rulings and …